A lot of people think that is actually the real name of the UH-1, but it was actually called the HU-1A Iroquois (The Army names its aircraft after Indian Tribes). The Army changed its designation system from HU (Helicopter Utility) to UH (Utility Helicopter) and everyone started calling them Huey's. It became so popular that Bell even had the words Huey put on the pedals.

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Not aircraft, but Jeep came from GP, or general purpose. Although some dispute the origin, it is normal for acronyms to become phrases. Another example of that is the Phalanx CIWS system is referred to as "SeaWhiz" (CIWS) by those that operate and maintain them.

Every Soviet/Russian military aircraft from Cold War to this day have nickname given by NATO - MiG-21 Fishbed, MiG-29 Fulcrum...
As for WW2, aircraft of Lavochkin La-5/La-7 series were nicknamed Lavochka by their pilots.

The P47 nickname of 'Jug' was an abbreviation of 'Juggernaut', a huge machine, and derived from it's very large size and mass, compared to aircraft of the day.
'Fat Albert' = C130 Hercules.
'Whistling Wheelbarrow' = A.W. Argosy.
'Bend Over' = H.S. Andover (due to it's ability to 'sit down' at the rear, for loading.)
'Paraffin Budgie' or 'Paraffin Pigeon' = any gas-turbine helicopter.